New York-based crypto exchange Gemini has announced that it will be expanding into Latin America through an upcoming partnership with Colombia’s largest bank, Bancolombia. The partnership will take effect on Dec. 14 and will permit customers from Bancolombia to trade four crypto assets: Bitcoin, Ether, Litecoin, and Bitcoin Cash. A limited number of users will be able to buy crypto directly from their Bancolombia bank accounts through the Gemini exchange.
The bank will provide crypto-specific infrastructure for the exchange and custody of assets.
The Colombian bank will provide crypto-specific infrastructure for the exchange and custody of assets. It remains unclear whether the users will be able to withdraw the crypto holdings directly from their accounts. In a Dec. 6 announcement about the partnership, Gemini stated that it “serves as an important step toward the strategic expansion of Gemini’s presence in Latin America.” “We believe that crypto can play an important role in the development of Latin America as interest in blockchain and innovative technologies proliferates throughout the region.”
The partnership will run as part of a year-long pilot program run by Colombia’s financial regulator.
The partnership will run as part of a year-long pilot program run by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC). The regulatory sandbox, “la Arenera” was approved by the Ministry of Finance and Public Credit in September 2020. Earlier this year, the SFC announced that it had chosen 9 out of fourteen crypto exchanges that applied for the project, including Gemini, Binance, and the Mexican exchange Bitso. Since El Salvador adopted BTC as a legal tender on Sept. 7, Latin America has moved in strides towards mainstream crypto adoption.